UniCredit Teams With JPMorgan on SWIFT Go for Cross-Border Payments

UniCredit and J.P. Morgan are teaming up to advance the SWIFT Go project that gives individuals and businesses the ability to make cross-border payments with complete transparency and increased security, according to a press release emailed to PYMNTS on Friday (Oct. 8).

The collaboration also gives UniCredit’s customers access to J.P. Morgan’s proprietary PayDirect solution. PayDirect and Swift Go can be tapped for payments up to $10,000 to any JPMorgan Chase branch in the U.S. The payments are credited same day with no charge for the beneficiary.

The collaboration is SWIFT Go’s initial rollout in the U.S., with upcoming plans to extend the service to UniCredit clients across Europe.

See also: SWIFT Intros Fast Cross-Border Payment Service

Raphael Barisaac, UniCredit’s global head of cash management, said the company strives to support new payments technology that offers new solutions that result in better outcomes for end customers. Collaborating with J.P. Morgan is a “clear step in this direction.”

SWIFT Go gives banks a way to give their customers a payments experience that is fast and transparent as far as processing times and fees.

Read more: JPMorgan Piloting Real-Time Payment Service

Gayathri Vasudev, head of global clearing product at J.P. Morgan, said the bank is dedicated to development in the international payments space.

“Through PayDirect and SWIFT Go, UniCredit will be delivering payments into the U.S. via U.S. low-value clearing network (ACH), providing a great end-to-end experience and transparency of fee, while delivering the full value of payments,” Vasudev said in the announcement.

Headquartered in Belgium, SWIFT is a financial messaging services company that transmits instant cross-border payments worldwide from a user’s bank account. With SWIFT Go, banks can offer a streamlined payments experience for overseas small and medium-sized business (SMB) and consumer transactions.

The biggest bank in the U.S., with a balance sheet totaling $2.87 trillion, J.P. Morgan serves corporations and individuals in more than 100 countries.

UniCredit is a Pan European commercial bank that offers corporate and investment banking and offers a Western, Central and Eastern European network to its client franchise.